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The Pakistani rupee weakened further against the US dollar in the open market on Wednesday.

During the day, currency dealers Business Recorder reached out to said the rupee was being quoted at 289.5 for selling and 286.5 for buying purposes for customers.

At the ending of trading, the currency closed at the same rates, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

On Tuesday, it had closed at 289 for selling and 286 for buying purposes.

In the inter-bank market, the rupee maintained its downward trajectory for the 17th consecutive session against the US dollar on Wednesday, as it depreciated 0.09% or Re0.27 to settle at 288.14.

The gap between rates in the inter-bank and open markets is required to be less than 1.25% under one of the structural benchmarks set by the International Monetary Fund (IMF).

In a key development, Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) in an interview with Bloomberg TV said she expects a deal on the ongoing first review of Stand-By-Arrangement (SBA) ‘within this week’.

The remarks come as an IMF mission, led by Nathan Porter, is visiting Pakistan for the first review of the SBA.

Pakistani authorities led by Caretaker Finance Minister Dr Shamshad Akhtar on Monday began policy-level talks with the IMF mission in a bid to secure $710 million of the $3 billion loan programme.

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Abdul Hadi Nov 16, 2023 12:27pm
Give me pleez 111 dollar
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